ServiceTitan's stock surged 16.80% during pre-market trading on Friday, extending significant gains from the previous after-hours session.

The sharp increase follows the company's release of fiscal first-quarter financial results that significantly exceeded analyst expectations. ServiceTitan reported adjusted earnings of 37 cents per share, beating the consensus estimate of 28 cents, while revenue rose to $268.8 million from $215.7 million a year prior, surpassing the $256.7 million expectation.

Adding to investor optimism, the software company for contractors raised its fiscal-year revenue guidance to between $1.13 billion and $1.14 billion, up from its previous forecast of $1.11 billion to $1.12 billion. The positive results and outlook boost prompted several analysts to raise their price targets on the stock, including Piper Sandler increasing its target to $115 from $100 and TD Cowen lifting its target to $125 from $110.